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NMLS Mortgage Loan Origination (SAFE MLO) Sample Questions:

1. When applying for a home equity line of credit (HELOC), consumers should review documentation carefully and be sure that they consider:

A) if the HELOC is insured by HUD.
B) the APR and the costs of acquiring and maintaining the HELOC.
C) if the HELOC requires private mortgage insurance
D) if the company offering the HELOC has deposit accounts insured by the FDIC.

2. A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?

A) A letter from the borrower explaining that they paid it off
B) Oral confirmation from the borrower
C) An updated statement showing a zero balance
D) No additional information required

3. No more than how many days before calling any consumer should a company access the National Do Not Call Registry and maintain records documenting this process?

A) 14 days
B) 60 days
C) 31 days
D) 45 days

4. Which of the following must be included in advertisements displayed by mortgage loan originators (MLOs) on their social media pages for mortgage services including payment amounts?

A) The APR
B) The MLO's business address
C) The MLO's personal website
D) The number of days that the rate is available

5. Consumer complaints and the analysis of complaints play a vital role in identifying weaknesses in elements of a company's:

A) hiring procedures and training.
B) secondary marketing practices of selling loans to investors.
C) compliance management training and internal controls
D) compliance management, senior management and branch locations.

Solutions: